Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.



Saudi Aramco Announces Completion of $6 Billion Bond Issuance

FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
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Saudi Aramco Announces Completion of $6 Billion Bond Issuance

FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo

Saudi Aramco announced on Thursday that it has completed a bond issuance of $6 billion.

The issuance is comprised of three tranches of USD-denominated senior unsecured notes under Aramco’s Global Medium Term Note Program (GMTN), Aramco said in a statement.

According to the statement, the tranches include $2 billion senior notes maturing in 2034 with a coupon rate of 5.250%, $2 billion senior notes maturing in 2054 with a coupon rate of 5.750%, and $2 billion senior notes maturing in 2064 with a coupon rate of 5.875%.

The transaction, said the statement, was priced on July 10, and the notes are listed on the London Stock Exchange.

The offering was more than six times oversubscribed, based on the initial targeted size of $5 billion.

The transaction received strong demand from a diverse base of investment-grade focused institutional investors. All three tranches were favorably priced with a negative new issue premium, reflecting Aramco’s strong credit profile.

“We are pleased with the strong interest and level of engagement from investors globally, both existing and new,” said Executive Vice President of Finance & CFO Ziad Al-Murshed.

“Our order book exceeded $33 billion at its peak, reflecting Aramco’s exceptional financial resilience and fortress balance sheet. Achieving a negative issue premium across all tranches is a testament to our unique credit proposition,” he said.

“We have consistently demonstrated our financial discipline while delivering on shareholder value and business growth, and we aim to maintain a strong investment-grade credit rating across business cycles,” Al-Murshed added.